Personal Guaranty

When drafting a commercial lease, it is important for landlords to include a personal guaranty provision because it protects the landlord in the event the tenant stops paying rent.Limited/ Good Guy Guaranty

A limited personal guaranty is a lease provision that only holds the guarantor liable for the rent obligations under the lease up until a certain time period. A good guy guaranty is a type of limited personal guaranty that only holds the guarantor liable until the date the tenant surrenders the leased property, instead of being liable for the entire lease period. Such a guaranty serves to protect landlords from costly litigation against non-paying tenants because it motivates non-paying tenants to vacate the premises immediately in order to avoid being personally liable for any additional rent payments.

Unlimited Guaranty

An unlimited personal guaranty makes the guarantor, usually the business owner, personally liable for any lease payments that the business fails to pay.

James G. Dibbini & Associates, P.C. have over 20 years of experience drafting and negotiating commercial and residential leases. We can draft and negotiate a lease that will protect you and your property if a problem arises. Call us today at (914) 965-1011 to get started in obtaining assistance with your new tenancy.